New York Foreclosures

New York Foreclosures

If you are looking for a prime example of living large and somehow managing to get it done right, the state of New York is a good place to look. It is a large state in comparison to most of the east coast and in the month of December when the Nation was at 0.240 percent of New York Foreclosures, the state of New York was at 0.036 percent with a total in new foreclosures in that month of only 2,826 properties.

How is this possible when it is such a densely populated state with New York City and Long Island and places where tax payments alone can run more than entire house payments in other areas of the country? Well, the simple fact of the matter is that it is not easy to get a mortgage in the state of New York and getting a second ot third mortgage which was too easy in the majority of the country, well to put it in local terms, forget about it.

The real estate laws in the state of New York require attorneys be present for just about anything having to do with any stage of the process. So not only is it hard to get a mortgage, it is expensive and once you get one you don’t want to let it go at any cost.

Couple that with the fact that people make much better salaries and are well educated and know the value of money and you can find that most people in the populated areas at least, have enough banked cash to survive at least six and in many cases twelve months of no income.

These numbers are really not expected to change much here unless the market continues its downward slide for more than another year, at which point there may be some sharp adjusting of those numbers.

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foreclosures Mar 16th, 2009

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One Response to “New York Foreclosures”

  1. New York City Foreclosure Houses – Distressed Property | New York Repo Homes Says:
    October 27th, 2009 at 7:14 pm

    [...] in real estate parlance mans a property which is either structurally damaged or is damaged legally. New York foreclosures are increasing despite government intervention and it looks as though this situation is not going [...]

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